[安全边际].Margin.of.Safety.-.Seth.Klarman.(.epub

MARGIN OF SAFETY Risk-Averse Value Investing Strategies for the Thoughtful Investor Seth A. Klarman H arperBusiness A Division Contents Acknowledgments ix Introduction I W here M os t Inves tors Stum b le 1 1 Specula tors Uns uccessful Inves tors 3 2 The Nature of Wall Street Works Against Investors 19 3 The Insti tutional Performance De rby: The Clien t Is the Loser 3S 4 Delusions of Value: Th e Myths and Misconceptions of Junk Bonds the 1980s 55 II A Value-I nvestment Ph iloso phy 79 5 Defining You r Inves tmen t Goals 81 6 Value In vesting: The Impor tance of a Ma rgin of Safety 87 7 At the Root of Value-Investment Philosophy 105 8 The Art of Business Valuation 118 III The Value-I nves tment Process 149 9 Inves tment Research: The Challenge of Finding Attractive In ves tm en ts 151 10 Areas of Opportunity for Value Investors: Catalysts, Inefficiencies, and Institutional Cons tra ints 162 11 Investing in Thr ift 182 12 Investing in Distressed and 189 13 Por tfolio Management and Trading 209 14 Investment Alternatives for the Individual Inves tor 222 Glossary 229 241 Index 243 Acknowledgments ......